Kyat-Dollar exchange rate slides to K2,800

Kyat-US Dollar over the counter rate dipped to K2,800 in the local forex market, the money changers said.
Last August, the dollar hit K4,500 in the grey market. At present, the dollar was exchanged at K2,860 for buying and K2,880 for selling. However, the Central Bank of Myanmar (CBM) set the reference exchange rate at K2,100. To strengthen the domestic currency in the local forex market, the CBM set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022.

Therefore, financial institutions including banks and informal money changes are instructed to set a dollar value at K2,100 for buying and K2,106 for selling. Yet, trading with those specific rates is not seen in the market. Last August, a dollar value hit a peak of over K4,500 in the black market, pushing pure gold up to a record high of K3.7 million per tical. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar. A total of $443.8 million were sold at an auction rate in 2021 as well. At the end of September 2021, the dollar value hit a high of over K3,000, resulting in a record high of the pure gold price at K2.22 million per tical.

Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in the trade facilitation. The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators. 

Source: The Global New Light of Myanmar


Myanmar daily conveys seafood from Taninthayi Region to Thailand

Myanmar daily delivers clam, mollusc, snail and scorpion prawns produced by the Taninthayi Region to Thailand, according to the Ministry of Commerce. Seafood is popular in Thailand and it plays a major role in Thai cuisine. Tourists visiting Thailand also enjoy seafood. Therefore, the demand for popular Myanmar Shak (aka) clam, mollusc, snail and scorpion prawns is on the rise.

Myanmar sends over ten four-wheel truckloads of clams from Taninthayi to Thailand through the Mawtaung border and it fetches 91.94 Thai Baht per kilogramme. The clams are offered at a high price among the seafood. It is easy to digest. People enjoy clams by boiling, cooking or roasting them. Additionally, snails are also a popular food among seafood in the Myeik area, Taninthayi Region.

People cook sea snails in different cuisines including one with coconut milk. The snails are priced at 2.5 Thai Baht per kg. Approximately 300-500 kg of snails is daily delivered to Thailand through the Mawtaung border with three to five trucks. Furthermore, king prawn is highly demanded. The prevailing price of king prawns is 1,121.85 Thai Baht per kg. About 500 to 1,000 kilogrammes of scorpion prawns are exported to Thailand with eight to 12 four-wheel trucks every day. 

Source: The Global New Light of Myanmar